Journal Entries in the Customer and Supplier Ledger



Tip! You can make entries in the customer and Supplier ledgers directly from the Journal Entry. The Customer and Supplier ledger module also contains functionality for payment follow-up, interest invoicing, debt collection, remittance and more. For those users whose program versions include the Sales/Invoicing- and Purchase modules, journal entry is usually handled at the point of transferring the invoice or payment from these modules.

In the default Chart of accounts included with the program, accounts 1100 Debtors control account and 2100 Creditors control account are set up with a Customer and Supplier ledger function. All customers and suppliers are linked to these N/Cs.

When entering journals against the N/C 1100 and 2100, you are therefore asked to link the entry to a Contact.

How to make a double-entry in the journal

  1. Click New to create a new journal entry.

  2. From the Journal type drop-down list, select Sales invoice (for customers) or Purchase invoice (for suppliers) depending on what type of entry you are making.

  3. Enter 1100 (for customers) or 2100 (for suppliers) in the N/C column. This opens a list of all contacts that are marked as either customer (1100) or supplier (2100) in the Contact card.

  4. Select the Customer or Supplier you are creating the entry against.
    Click New to create a contact if it is not in the contact register. In the registration window you can also enter Name, Company reg. no. and VAT no. If you would like to register more information about the contact you will need to do so in the Contact register.

  5. Complete the Invoice number
    The rest of the fields are completed in accordance with the terms that have been set for the customer. The Invoice date is set to the same as the Journal date but you can override it.

  6. Press plus [+] on the numerical keypad to close the window.

  7. Enter the Double entry N/C and press [ENTER].

    Double entry N/C!
    Using a double entry N/C speeds up the journal entry process. The double entry N/C is the account that the journal line is posted against. If e.g. you wish to enter a sale on 1100 Debtors control account, a natural double entry N/C would be 4000 Sales.

  1. Click Insert entry line.

  2. Enter the gross invoice amount under Debit and press [ENTER].
    This amount will now be split between the VAT code and the Double entry N/C you entered in point 7.

The journal can now be transferred to the Financials. When you update to the ledger, the module for the Customer and Supplier Ledger will be updated automatically as well.

Currency: If you use different currencies when entering journals, you should select to show the Currency within the journal. You can define this within the Columns tab in the user settings for journal entry.


Read more about:

Entering Payments during Journal Entry

Entering Payments in the Customer and Supplier Ledger

Factoring

Version 18.1. The documentation may refer to services and/or functions that are not included within your solution. If you wish to get more information regarding this, please contact Mamut.

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